Key Morningstar Metrics for Ørsted
- Fair Value Estimate: DKK 160
- Morningstar Rating: ★★★
- Morningstar Economic Moat Rating: None
- Morningstar Uncertainty Rating: High
Orsted agreed to sell its European onshore business for EUR 1.44 billion (DKK 10.7 billion) to Copenhagen Infrastructure Partners. The group put the business up for sale in August 2025 as part of a strategic refocus on offshore wind in its core European markets.
Why it matters: Upon completion of the transaction, expected in the second quarter of 2026, Orsted will have divested DKK 46 billion of assets over 2025-26, exceeding its DKK 35 billion target.
- The transaction price implies an attractive valuation of EUR 2.64 million per megawatt of installed capacity.
The bottom line: The deal’s value creation is roughly 4 DKK per share, or 2.5% of our fair value estimate, which is not material. Therefore, we confirm our DKK 160 fair value estimate.
- Shares trade in 3-star territory, meaning there is not enough margin of safety to buy the shares.
Key stats: The European onshore wind business consists of 545 MW of predominantly wind capacity, which is 10% of total onshore assets.
Big picture: Orsted built its European onshore wind market through acquisitions over 2021-22, as part of an effort to diversify away from offshore wind.
- Subsequent balance-sheet pressure, driven by US offshore wind setbacks and materially higher interest rates, prompted the group to refocus on its core European offshore wind business.
